San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1887-12-06
Synopsis Of Presidential Message.
To tho Coppress of the Tpited States.


ed from the people largely exceeds the sum
necessary to meet the expenses o. the gov
eminent. II is plain that the eNactIOn Of
more than the just expenses of government Is
indetensible eNtOrIOn. This wrong multi
plies brood of evil consequences. The pub
lie treasury becomes nOarding place for
money needlesSly withdrawn from trade and
cripples the cOuntry's energies, Tetarding H. 5
Development; prevents investment In pre-
ductlNe enterprise, thrcai ems financial dis
4 turDancc ana invites schemes OF pubic plum
der.
( 1nis condition OF the treasury has more
than once been submitted to congress which
alone can remedy, and still the situation con-
/ tlnues andis aggravated. The danger exists,
though not imminent and must be met. The
! excess OF revenue oEer expenditure June 60
Is ), was Sli,SJ9 IJj.sl: for June J. 1856 IL was
Sit,iOJ,6 81; for June CO. 1857, IL was 4 3d.
! s!959. The contributions to the sinking fund
| for the above years, Sl3s,OjSD 9i, were made
! by calling in Outstanding three per cent
| bonds. The surplus revenue had SO increased
! during the six months ended June J. Il -,
| that fearing the effect OF the withdrawal of 50
/ large sum from the trade of the country,
| SIH,s6i, 100 of such surplus was applied TO the
| purchase of GU, standing bonds, pay able at the
! option OF the government. Farther relief be-
/ ing needed, tie remainder of the three per
| cents were called in after June -; principal
and interest amounting to Sls,sII,5 }. and APP
| piled TO the sinking fund for the fiscal year.
| NotwIths.a landing these operations stringcnCy
| continued and increased. The farther sum of
| $40 i,.S'L5J was appropriated TO the pur-
chase of bonds not yet due, bearing 4 and ~
| y per cent for the former and s per cent for
| the latter. Banks were permitted under spe-
| cal cOndit Ons To increase their deposits and
| yet the surplus revenues have accumulated
amounting Dee. I, ltS1 to SEJ'5S,I0l. 1t is esti.
mated that by next June they will reach Sll3,-
| G. .OCO, which added TO III Or accumulate IONS
viii amount to SIiO,UOJ,W J. While the functions
OF the treasury should be few ana simple, and
while las best condition would be reached by
disconuecliOn with private business, yet when
IL idly hOlus money needed in trade, some
I lpg Ultimate. ia a = ghnnlI ne. Ianig1 Inv
ment to restore such money to the people.
ar such an emergency a SEES, there now
exists no executive power of relief. There
are NJ bonds outstanding the payment Of
ich we have the right to insist upon. In
tue present state OF Legislation the only pre-
ense of any existing eXective power to r,
store at this time any par, OF or surplus lev
enue the people by It's eXnendituI q consists
III Tue suPposition thai the sec
rotary of treasury may enter the market
and pdtchase bonds not yet due at a rate OF
premium to be a" reed upon.
1he or'v authority for such a course is
found in an appropriation bill passed years
ago, end IL is subject 20 the suspicion that ii
was luteCded as u cpporaIy cXpedisnt ont.
NO conc ion OughI to C:ist which would
justify the grant of power TO a single official
20 vii mod from or to release TO he business
OF the PeODe in an unusual manner money
Re d in he treasury and thus affect at bis viii
me tns ncial situation of the country. II it is
possible with such limitations aud checks
as VII define this Oibcial right
In COZ sdering this question of bond pur-
chase IL shou d be bOTae in mind that pre-
mIums must be aud paid some cannot be
bought al any reasOraOe figure. The bonded
debt N Dt he re, unded et a less rate OF inter
est, 1t Is sa d, and tue difference paid in cash
Tue success OF tnis plan would depend upon
the vOlh on of Tue holders. 1t is not Ger, ain
tcat this would result in more fuancial benefit
to the Government than the purchase of
bonds, while the latter would reduce the
prIncIBal OF the debt.
Tue proposition to deposit the SURPLUS in
bRrIs is TO me Objectionable IN principle.
"a ENDS 10 D CAjcrSiYe a COmmpgliUV of
easu money with that O. he people, lhds
fUs. crIpg an unnatural rel auce in private
BUSINESS upon pubic , md. OF course il is
not expected that unnecessary ard extrava-
giant appropriations wall he made Tor the pur-
pose OF avoiding the aCcumuatiO of an eX-
cess of revenue,
| have deemed il my duty to thus
blpEg there matters to pubic attention.
Inc fall 20 of the congress heretofore to
provide aga INST these dangers, caused Il con-
dit'on OF financial distress and apprehension
stree yOIr last adjOurmCut which taxed to the
utmost all the PdtuOrty aud eXpedients
within executive control aud these appear to
be exhausted. 1t disaster results f. ON TIE
continued inactiOn of congress the respOn-
sibility must rest where it belongs.
1t reed hardly be stated that while the pres
Cnt situation demands remedy, we can only
be saved from like predicament in the flu
tuTe by removal of its cause, our system of
taxation, by means OF which this surplus is
taken from the people and put in the public
treasury.
1t must be conceded that none OF the things
subjected to Internal revenue taxation are,
strictly sOeaking, necessities, and there seems
to be nothing SO well able to bear the burden
without hardship to any portion of the people,
but this source of unnecessary taxation
should be revised.
These tariff laws raise the price to con-
sumOrs of all articles imported and subject to
duty, by precisely the sum paid for such du-
ties.
The duties now levied upon foreign goods
and products are called protective to home
manufacturers because they render il posi-
BILE for those who manufacture, to make
these taxed articles and sell them for a price
equal to that demanded for the imported
goods that have paid customs duties. So IL
happens that while comparatively few use
the imported articles, millions of our people
never use and never saw the foreign pro-
ducts, they pay the same price for the dOmes-
tic articles as for the foreign taxed goods.
Reference is made to this in order that we
may be constantly reminded of the manner in
which these laws impose Il burden upOn those
who consume domestic products as well as
those who consume imported articles and thus
create q tax upon all our people II Is not pro-
posed to entirely relieve tLe country of this
taxation. 1t must be extensively continued as
the source of tue governments income, and
IN a REIMBURSEMENT of our tariff the interests Of
American labor engaged in manufacture
should be carefully considered as wei as the
preservation of our manufactures
This however should not he without regard
to the public welfare. SO stubburnly have
all efforts to reform the present condition
featuring ind stry that they can hardly COM
plain of the suspicion entertained to a GER
tain extent, that there existed an organize ed
combination T. maini Al n their advaut agc,a and
the cry of iu.Hut en;rI prise needing protec-
ton is raise ii is also said that the increase
in the price OF domestic ma ufactures result
ing from the present tariff is necessary in
order that higher wages may be paid to our
wOrkinRmcn CmplOyCd in manufactures than
are paid for what is called the pauper labor OF
Europe.
The standard q" orr Iahnror,s Uro sho,,Id
not be measured by that of any other country
less favored, and they are entitled to their fun
share OF all OF our advantages. By the last
census ii is made TO appear That of the H.
GN,9,l of our population engaged in all
kinds of industries, 7,C10.4a3 are employ ed i'm
agriculture. o. * in professional and per
sonal service, C!,G4,SI6 of which are domestic
| servants and labOrers) while IslO,2jG are en-
ployed in trade and transportation, and 3.SiT-
| III are classed as employed in manufacturing
| and mining. This number should be reduc; d
by l,2h yleaVing 2G2 ,0S9 persons employ ed in
such; to these the appeal is made to save their
employment and maintain their wages by re-
| sistng a charge. But The reduction of the
taxation demanded should be so measured as
| not to necesstate or justify either the loss of
employment by the workingman, nor the les
SEEMING of his wages; and the profits still re-
naming to the manufacturer after neces-
sary REIMBURSEMENT should furnish
no excuse for the sacrifice of
the interests of the e employees
| allow the payment of renumerative wages
| 1t certainly results in a very large increase
in the price of nearly all'sOrts of manufac.
| lures which the workingman needs for the
| use o! himself and his family. The "ormer,
| and aGriculturists who MANI sacture nothing
| but who pay the Increased price which the
tan imposed upon every agricultural imple-
| all he uses and owns, except the increase of
| his tOcks and herds and such things as his
hus6andry produces from the soil, is invited
| to aid In maintaining the present situation,
| and he is told that high duty on exported